Bitcoin Bears Gain Control: More Falls on the Horizon

Published on:

Bitcoin price struggled to recover above the $68,000 resistance zone. BTC is falling again and may even fall below the $66,000 support zone.

  • Bitcoin began another decline from the resistance zone at $68,200.
  • The price is trading below $68,000 and Basic’s 100-hour moving average.
  • On the hourly chart of the BTC/USD pair, a connecting bearish trend line is forming with resistance at $67,150 (feeding data from Kraken).
  • The couple can recover, but benefits may be confined above the $68,000 level.

Bitcoin price turns red again

Bitcoin price struggled to climb above the $68,500 resistance zone. BTC remained in the bear zone and recorded losses below the $67,200 level. There has been a move below the $67,000 level.

The price tested the $66,250 zone. The low has formed at $66,244 and the price is currently consolidating losses below the 23.6% Fib retracement level of the downward wave from the high of $69,970 to the low of $66,244. Bitcoin is currently trading below $68,000 and the 100-hour plain moving average.

The price appears to be establishing a short-term base above the $66,250 zone, but the bulls face a number of headwinds. On the other hand, the price is facing resistance near the $67,150 level. There is also a bearish trend line forming on the hourly chart of the BTC/USD pair with resistance at $67,150.

The first major resistance could be $68,000 and the 50% Fib retracement level of the downward wave from a high of $69,970 to a low of $66,244. The next key resistance could be $68,500. A clear move above the resistance at $68,500 could result in a price enhance.

In the given case, the price may rise and test the resistance at $69,200. Any further gains could push BTC towards the $70,000 resistance in the near future.

Greater BTC losses?

If Bitcoin fails to rise above the $67,150 resistance zone, it could begin another decline. Immediate downside support is located near the $66,250 level.

The first major pledge is $66,000. The next support is currently around $65,000. Any further losses could push the price towards the $63,500 support zone in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently losing momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Main support levels – $67,000, then $66,000.

Major resistance levels – $68,550 and $69,200.


Leave a Reply

Please enter your comment!
Please enter your name here